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Building Real Wealth as a Lawyer Beyond Billable Hours
Youtube Video: https://youtu.be/I5bJ9cOk8A4
Whether you’re drowning in law school debt, feeling trapped by a six-figure income, or curious about alternatives to traditional legal practice, this conversation will shift how you think about money and possibility.
In this episode of Legal and Wealthy, Rho Thomas, Esq. shares how she discovered the real disconnect between earning power and financial success and the 3-step framework she used to eliminate debt and build flexibility in her career. Join us as she shares current strategy for building non-time-dependent wealth and much more!
TIMESTAMP:
[00:00:00] – [00:00:54] Intro/Opening. Welcome to Legal and Wealthy podcast. Introduction to the show, host Lauren Klein, and show’s mission about building wealth and freedom in legal careers.
[00:00:58] – [01:04:20] Episode Intro & Guest Introduction. Welcome back to another episode. Introduction of guest Ro Thomas, attorney and money coach. Discussion of Ro’s work helping lawyers manage money, grow net worth, and create freedom. Ro hosts Personal Finance for Lawyers podcast.
[01:04:40] – [01:08:03] Discussing prior episode. Lauren expresses excitement about diving into the conversation. Mentions previous episode on Ro’s podcast and shared perspective on legal practice and the world.
[01:08:03] – [02:07:80] Guest’s Journey Begins. Lauren asks Ro to take us back and tell her journey from where she started in law to where she is today. Ro begins her story in 2014 starting her first big job at a big law firm in Atlanta practicing trademark and copyright law. She had interesting clients and worked with great people.
[02:07:90] – [02:29:30] Beginning of Financial Journey. Ro’s money journey started in 2016 when she had her first child. She was the quintessential associate going above and beyond. After having her child, she realized that motherhood wouldn’t mesh with her demanding legal practice.
[02:29:30] – [02:52:83] Part-Time Policy & Financial Decision. The firm offered a part-time policy where she could do a percentage of billable hours for that percentage of salary. She and her husband looked at their finances to see if they could make it work with a pay cut (around 75-80%).
[02:52:83] – [03:39:23] Debt Reality Check. They discovered they had $678,000 of debt total, with almost $500,000 being student loans. The rest was between car loans and their mortgage. This revelation hit them hard when considering the pay cut for part-time work.
[03:39:23] – [37:18:90] – Discussion about debt payoff strategy, financial decisions, wealth building, investing and growing wealth. A winning strategy not to be missed!
[37:18:90] – [38:05:30] Real Estate Investment Decision. Ro discusses entering a new season of life where she has more control over her time. With her husband in a demanding profession and young children, they previously chose passive stock market investing. Now she’s interested in real estate and exploring how it could generate income not directly tied to time.
[38:05:30] – [39:04:40] Real Estate Projects. Ro and her husband are dipping their toes into real estate. They’ve owned the property for a little under a month and are doing repairs before renting it out. Lauren expresses happiness and excitement for this venture.
[39:04:40] – [40:41:20] Contacting Our Guest and free guide information: Lauren thanks Ro for the incredible conversation and inspiration to lawyers and law students. Ro shares her contact information: rothomas.com, rothomas.com/legalandwealthy for a free guide on the 5 biggest mistakes lawyers make getting out of debt, and LinkedIn (@rothomas).
[40:41:20] – [41:13:00] Closing Statements. Lauren thanks Ro for her time. Reminder about true wealth and freedom. Closing statement about listeners already having what it takes.
HOST:
Lauren Klein, Flourish Law Group
Attorney, Law Firm Owner, Professor & Founder of Legal and Wealthy
Website: https://laurenalexisklein.com / Podcast: https://podcast.laurenalexisklein.com
Social Media:
Instagram (Personal): @lawyerlaurenklein | https://www.instagram.com/lawyerlaurenklein
Instagram (Law Firm): @flourishlawgroup | https://www.instagram.com/flourishlawgroup
GUEST:
Guest: Rho Thomas, Esq.
Website: rothomas.com
LinkedIn: @iamrhothomas
Thank you to our show sponsor:
Law Firm Sites
Custom law firm websites + online marketing for law firms (23+ years)
Contact: (800) 932-8242
Website: www.lawfirmsites.com
Special Offer: Mention “Legal and Wealthy” for 10% off any website or marketing package
Don’t forget to follow Lauren Klein on Instagram @lawyerlaurenklein & Subscribe to the Legal + Wealthy Podcast: podcast.laurenalexisklein.com
View all episodes
By Lauren Alexis KleinYoutube Video: https://youtu.be/I5bJ9cOk8A4
Whether you’re drowning in law school debt, feeling trapped by a six-figure income, or curious about alternatives to traditional legal practice, this conversation will shift how you think about money and possibility.
In this episode of Legal and Wealthy, Rho Thomas, Esq. shares how she discovered the real disconnect between earning power and financial success and the 3-step framework she used to eliminate debt and build flexibility in her career. Join us as she shares current strategy for building non-time-dependent wealth and much more!
TIMESTAMP:
[00:00:00] – [00:00:54] Intro/Opening. Welcome to Legal and Wealthy podcast. Introduction to the show, host Lauren Klein, and show’s mission about building wealth and freedom in legal careers.
[00:00:58] – [01:04:20] Episode Intro & Guest Introduction. Welcome back to another episode. Introduction of guest Ro Thomas, attorney and money coach. Discussion of Ro’s work helping lawyers manage money, grow net worth, and create freedom. Ro hosts Personal Finance for Lawyers podcast.
[01:04:40] – [01:08:03] Discussing prior episode. Lauren expresses excitement about diving into the conversation. Mentions previous episode on Ro’s podcast and shared perspective on legal practice and the world.
[01:08:03] – [02:07:80] Guest’s Journey Begins. Lauren asks Ro to take us back and tell her journey from where she started in law to where she is today. Ro begins her story in 2014 starting her first big job at a big law firm in Atlanta practicing trademark and copyright law. She had interesting clients and worked with great people.
[02:07:90] – [02:29:30] Beginning of Financial Journey. Ro’s money journey started in 2016 when she had her first child. She was the quintessential associate going above and beyond. After having her child, she realized that motherhood wouldn’t mesh with her demanding legal practice.
[02:29:30] – [02:52:83] Part-Time Policy & Financial Decision. The firm offered a part-time policy where she could do a percentage of billable hours for that percentage of salary. She and her husband looked at their finances to see if they could make it work with a pay cut (around 75-80%).
[02:52:83] – [03:39:23] Debt Reality Check. They discovered they had $678,000 of debt total, with almost $500,000 being student loans. The rest was between car loans and their mortgage. This revelation hit them hard when considering the pay cut for part-time work.
[03:39:23] – [37:18:90] – Discussion about debt payoff strategy, financial decisions, wealth building, investing and growing wealth. A winning strategy not to be missed!
[37:18:90] – [38:05:30] Real Estate Investment Decision. Ro discusses entering a new season of life where she has more control over her time. With her husband in a demanding profession and young children, they previously chose passive stock market investing. Now she’s interested in real estate and exploring how it could generate income not directly tied to time.
[38:05:30] – [39:04:40] Real Estate Projects. Ro and her husband are dipping their toes into real estate. They’ve owned the property for a little under a month and are doing repairs before renting it out. Lauren expresses happiness and excitement for this venture.
[39:04:40] – [40:41:20] Contacting Our Guest and free guide information: Lauren thanks Ro for the incredible conversation and inspiration to lawyers and law students. Ro shares her contact information: rothomas.com, rothomas.com/legalandwealthy for a free guide on the 5 biggest mistakes lawyers make getting out of debt, and LinkedIn (@rothomas).
[40:41:20] – [41:13:00] Closing Statements. Lauren thanks Ro for her time. Reminder about true wealth and freedom. Closing statement about listeners already having what it takes.
HOST:
Lauren Klein, Flourish Law Group
Attorney, Law Firm Owner, Professor & Founder of Legal and Wealthy
Website: https://laurenalexisklein.com / Podcast: https://podcast.laurenalexisklein.com
Social Media:
Instagram (Personal): @lawyerlaurenklein | https://www.instagram.com/lawyerlaurenklein
Instagram (Law Firm): @flourishlawgroup | https://www.instagram.com/flourishlawgroup
GUEST:
Guest: Rho Thomas, Esq.
Website: rothomas.com
LinkedIn: @iamrhothomas
Thank you to our show sponsor:
Law Firm Sites
Custom law firm websites + online marketing for law firms (23+ years)
Contact: (800) 932-8242
Website: www.lawfirmsites.com
Special Offer: Mention “Legal and Wealthy” for 10% off any website or marketing package
Don’t forget to follow Lauren Klein on Instagram @lawyerlaurenklein & Subscribe to the Legal + Wealthy Podcast: podcast.laurenalexisklein.com